Gritty “old economy” stocks are leading the market while Wall Street fears that Big Tech’s yearslong data center spending spree could end in an epic earnings letdown .

Meanwhile, after years of feeling the weight of stubbornly high inflation, consumer staples are suddenly making a resurgence. This year, the State Street Consumer Staples Select Sector SPDR ETF (XLP) is up nearly 13% while the S&P 500 is barely positive.

It stands to reason that buying something for less than what it’s worth is a good way to make money!

That’s the gist of value investing… and it works. Even today, in a FOMO market where the only “risk” most investors seem to appreciate is the risk of missing out on the action.

Historically, periods of growth or value outperformance are cyclical.

From 1980 to 1988, value mildly outperformed growth. From 1988 to 2000, it was the other way around.

From 2000 to 2007, value obliterated growth stocks.

More recently, it has been growth stocks that have carried the day for investors.

However, things may be changing…